On Tuesday 7 February 2017, the General Insurance (GI) Board hosted an open forum at Staple Inn Hall to enable members to address and represent the GI perspective on the review of the Ogden discount rate. The occasion attracted 104 delegates who joined a hearty discussion around the possible impact of a rate change on reserving, capital modelling, underwriting and other areas.
 
A wide range of topics, including financial reporting sensitivities and disclosures, general uncertainty regarding the level and future change process for the discount rate, and potential impact on the insurance industry and social welfare as a whole, were among the principal issues of discussion.  Download notes of the discussion.
 
This issue will remain high on the agenda for both the GI Board and the General Insurance Reserving Oversight Committee (GIROC) who will work together to advance the needs of GI members in this area in the coming months. For more information on this event or next steps, email Sharon Cumberbatch, GI Practices Manager.

Contact Details

Sharon Cumberbatch

sharon.cumberbatch@actuaries.org.uk